BOSTON--(BUSINESS WIRE)--Hometap, the Boston-based financial technology company pioneering debt-free home equity financing for American homeowners, announced today that they have deployed more than $1 billion in home equity investment (HEI) products.
The milestone, which was officially reached in January 2024, encompasses over 10,000 HEI issuances since Hometap was founded in 2017. More than $730 million has been deployed since 2022, better enabling homeowners to pay down debt, fund home renovations, launch and expand businesses, purchase additional properties, and power other investments.
Hometap’s home equity investment (HEI) products offer homeowners a fast, simple, and straightforward way to access the equity in their home without taking out a loan or having to sell. By investing alongside homeowners, Hometap offers debt-free cash in exchange for a share of their home’s future value — all without any monthly payments or interest over the life of the investment.
“This milestone is a testament to the momentum our platform has achieved over the last six years due to the increased awareness of and demand for home equity products, including home equity investments in particular, among both homeowners and investors,” said Hometap Co-Founder & CEO Jeffrey Glass. “As Americans continue to amass record levels of equity in their homes, they need tools that increase access and reduce stress, particularly as they struggle to manage high interest rates, inflation, personal debt, and other obstacles to reach their long-term financial goals. We’re incredibly proud of our growth, and look forward to furthering our mission and building a new asset class designed to succeed in a persistently challenging housing market.”
Beyond its financing options, Hometap also equips homeowners with resources to help them better understand, protect, and grow their home equity. The company’s Home Equity Dashboard launched in 2023, and is empowering thousands of homeowners across the U.S. to take control of their largest financial asset and make more informed financial decisions about their home. The Dashboard enables them to:
- Access Hometap’s industry-proven, home value estimate, which is used by leading real estate investors
- Prepare for the future by exploring accurate home value and home equity forecasts based on multiple home appreciation scenarios
- Calculate the estimated cost and return on investment for common home renovations in their area
- Visualize how different home equity financing options will impact their unique financial situation
- Access valuable insights and tips to make the most of homeownership
- Get exclusive discounts and offers on home services from Hometap’s network of trusted partners
“Economic headwinds and the day-to-day grind of bills and upkeep have American homeowners more stressed than ever. At Hometap, we're committed to offering tools and resources to help them take control of their financial futures and live the life they want to be living by unlocking the value of their most significant asset,” said Hometap VP of Digital Product Adam Sigel. “With more than $1 billion now deployed from our platform, we’re confident that we’re truly delivering on our mission to help everyday Americans use the untapped economic power in their homes to improve their financial standing and realize their dreams.”
Hometap partners with a broad range of institutional investors, family offices, and insurance companies to fund its home equity investments, including Bain Capital, American Family Ventures, Iconiq Capital, and Group 1001's Delaware Life Insurance Company.
About Hometap
Founded in 2017, Hometap is a Boston-based fintech company on a mission to make homeownership less stressful and more accessible. Starting with its industry-leading home equity investment product, the company has helped 8,000 homeowners across the U.S. access their home equity without having to take out a loan or sell their home. Hometap continues to expand its suite of innovative financial products and services, developing a digital platform designed to help homeowners at every stage of their homeownership journey to make more informed financial decisions about their home — and take action on those decisions — with confidence, speed, and ease. Learn more at hometap.com.
